To construct a 3-story building on the famous metaverse network, Decentraland, the Swiss-based technology platform bank Sygnum has extended its entry into the field of cryptocurrency and non-fungible tokens (NFTs). A press release says Sygnum’s multiverse hub will be introduced on September 27 via a live-streamed event on Decentraland.
2 banks obtained in 2019 licenses External link to link conventional finance to cryptos and blockchain, Sygnum being one of them. Digital currency and other valuables like company stocks, antiques, and works of art have their place in databases backed by blockchain and other distributed ledger technologies.
By giving individuals greater power over their assets, including immediate access to business deals instead of going through intermediaries, decentralized technology hopes to revolutionize the banking industry. Blockchain technologies also support Web3, a revamped web edition, providing the financial future of metaverses and digital domains.
Sygnum announced Thursday that it has opened the first-ever branch of a digital metaverse institution, joining other foreign financial institutions including JP Morgan and HSBC. Later this month, Sygnum will launch a metaverse hub in Decentraland’s Times Square equivalent.
In the ETH-based metaverse known as Decentraland, users can explore, engage, buy, and sell virtual properties. Users will have access to a lounge with something like a CryptoPunk receptionist, an engaging non-fungible token (NFT) curator with art exhibits compiled from Sygnum, its clients and top content producers, and an auditorium for occurrences and exits in Sygnum’s 3-story Hub, which will serve as the bank’s web 3 gateway to the multiverse economy.
Additionally, users can learn more about Sygnum in the Cryptocurrency Orchard and see how the hub is implementing Sygnum’s goals for the future of banking. The building will showcase the bank’s Web 3 product innovations and provide access to the metaverse for investors.
A younger generation of users who are completely comfortable socializing, shopping, and working in virtual places is driving increased investment in the metaverse. Their brand new metaverse portal is a trusted entry point for investors into the growing future finance industry while showcasing Sygnum’s Web3 advancements.
Sygnum has become the first bank in Switzerland to enter the virtual world. The institution has already been promoting the use of cryptocurrency since its inception in 2017 by providing digital assets such as staking in Cardano (ADA), Ethereum (ETH) and Internet Computer (ICP).
Similar to how TIME Magazine in New York just built TIME Square on The Sandbox’s multiverse infrastructure, Sygnum is making its first multiverse. Big digital companies like Facebook’s Meta and Samsung have entered the multiverse to bring consumers an immersive reality, in addition to Sygnum with TIME Magazine.
A fintech startup named Fiat24 is also developing web3 banking in addition to the company’s metaverse capability. In contrast, the traditional Swiss financial industry has so far shown little interest in gambling in the virtual world.